USD/JPY erases daily losses, approaches 104.00

The greenback is among the best performers of the day, posting gains across the board, main exception made by the yen. 

However, USD/JPY managed to bounce from daily lows and trimmed losses over the last hours. USD/JPY was rejected from a peak of 104.19 earlier on the day and slipped to a low of 103.51 before finding support. At time of writing, USD/JPY is trading at 103.90, virtually unchanged on the day, but still headed for a weekly loss. In the absence of major data releases, trading has been mainly driven by sentiment, favoring the USD and JPY.

USD/JPY levels to watch

In terms of technical levels, next supports are seen at 103.51 (Oct 21 low), 103.02(100-day SMA) and 102.80 (Oct 10 low). On the other hand, resistances are seen at 104.19 (Oct 21 high), 104.62 (Oct 13 high) and 105.00 (psychological level).